RE: Income Stream19 Aug 2018 20:56
If you are interested in this rather esoteric issue you might like to consider the following from FRR's Financial Report for 2016. As a former Company Secretary I always considered Preference Shares to be a part of the Equity of the company. There are many different types of shares that can be issued, each with its own characteristics.
Houston, Texas, U.S.A. 29 June 2017
FRONTERA RESOURCES RELEASES 2016 ANNUAL RESULTS
Simultaneously on June 5, 2017, the Company reached an agreement with YA II PN, Ltd
(formerly, YA Global Master SPV Ltd, an investment fund managed by Yorkville Advisors
LLC), whereby the entire amount of debt provided to the Company by YA II PN, Ltd. under
the previously announced SEDABacked Loan Agreement in the total amount of
approximately $6.2 million was eliminated by way of conversion into equity via the
issuance of 7,200 Series A convertible, preferred, redeemable shares in the Company with
a par value of $0.00004 and a liquidation amount of $1,000 per share. All other terms
relating to the SEDA remain the same.